PAINEWEBBER INVESTMENT TRUST
485BPOS, EX-10, 2000-12-27
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                                                               Exhibit No. 10





                         CONSENT OF INDEPENDENT AUDITORS


We  consent  to  the  reference  to  our  firm  under  the  captions  "Financial
Highlights"  in the  Prospectus  and  "Auditors"  in the Statement of Additional
Information and to the  incorporation  by reference of our report on PaineWebber
Tactical  Allocation Fund dated October 17, 2000 in this Registration  Statement
(Form N-1A No. 33-39659) of PaineWebber Investment Trust.




                                                         /s/ ERNST & YOUNG LLP
                                                        ERNST & YOUNG LLP

New York, New York
December 22, 2000



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